Mitsuboshi Belting Ltd. announces an Equity Buyback for 1,800,000 shares, representing 2.9% for ¥1,582.2 million.
November 08, 2016 at 03:08 am EST
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Mitsuboshi Belting Ltd. (TSE:5192) announces a share repurchase program. Under the program, the company will repurchase 1,800,000 shares, representing 2.9% of the outstanding shares, at ¥879 per share for a total of ¥1,582.2 million. Repurchases will be made through ToSTNeT-3. The purpose of the program is to implement a flexible capital policy in response to changes in the business environment. As of October 31, 2016, the company had 62,124,173 shares outstanding and 6,084,224 shares in treasury.
Mitsuboshi Belting Ltd. is a Japan-based manufacturing company mainly engaged in the manufacture and sales of belts and construction materials. The Company operates in three business segments along with its subsidiaries. The Domestic Belts segment manufactures and sells belts for automobiles, general industry and transportation use in domestic market. The Overseas Belts segment manufactures and sells belts for automobiles, general industry, office automation (OA) equipment and other use in overseas markets. The Construction Materials segment manufactures and sells waterproof sheets for construction and civil engineering use and related products. The Company also involves in the provision of equipment and machinery, third-party products, engineering structural forms and related services.
MITSUBOSHI BELTING LTD. 
